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November 11, 2014

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New Zealand’s Economy May Be In Trouble

Will New Zealand's economy bubble burst? Experts believe so.

Will New Zealand’s economy bubble burst? Experts believe so.

Forbes journalist Jesse Columbo has taken an in depth look at New Zealand’s economy and here is the outcome. He believes that the New Zealand economy is in serious trouble. Although New Zealand has been hailed as one of the greatest economies on earth, Columbo believes that the country could be headed towards a depression soon and lists twelve reasons why. Interest rates have been at all-time lows for almost a half-decade which allows imbalances to form which history has shown. Economies are cyclical and incredible stretches of time typically means that bad times are on the horizon. Property prices have doubled since 2004 deterring the purchase of these properties. New Zealand has the world’s third most overvalued property market that was clearly affected from the recent price changes and has surpassed the average annual income of the general population. Another point that leads to problems in the future.

New Zealand’s mortgage bubble grew by 165% since 2002. The mortgage debt has grew at a rate that the economy could not keep up with. Nearly half of mortgages have floating interest rates which means that buyers can take mortgages at a low interest rate. However this only lasts for so long and the interest rates will sky rocket sooner rather than latter. Mortgages account for 60% of banks’ loan portfolios which means once the housing bubble bursts so will the banks. Finance, not agriculture, is New Zealand’s largest industry. While New Zealand is known as one of the most beautiful places on Earth, finance is surprisingly king of the economy which leads even more to the assumption that New Zealand’s banks are exposed to Australia’s bubble. Australian and Chinese buyers are inflating the property bubble. These countries are also experiencing economic bubbles which means when their bubbles burst, it will also affect New Zealand. New Zealand has a household debt problem which is even worse than the United States. Government overseas debt has nearly tripled since 2008. Finally the New Zealand dollar is overvalued which can be the greatest warning sign of an economy bubble about to burst.

Source: http://www.forbes.com/sites/jessecolombo/2014/04/17/12-reasons-why-new-zealands-economic-bubble-will-end-in-disaster/3/

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United Nations Calls Out Australia’s Immigration Policy

Immigrants in an offshore detention centre.

Immigrants in an offshore detention centre.

The United Nations committee against torture had a recent meeting in Geneva and one of the main issues was Australia’s method of storing immigrants in limbo attempting to enter or leave the country. Amnesty International and the United Nations High Commissioner for Refugees has made a complaint to the United Nations calling the conditions at the detention centers, “cruel” and “inhuman.” There has been a mysterious death in one of the detention centres. An Iranian man named Reza Berati was found dead and there have also been reports of sexual abuse within the centres. The committee is curious as to why immigrants seem to be over represented in the jail system. One of the main reasons as to the cruel behavior is the fact that Australia hires private contractors to own and manage these various detention centres.

Although it is the private contractors that are allowing these terrible conditions to continue to occur, the detention centres are on Australian lands and it is Australia’s governments responsibility to provide safety to people within their lands. The head of Australian delegation John Quinn has been very receptive to the committee’s ideas and believes it can be constructive criticism. However saying the politically correct thing and doing it are two different things. The reason for offshore centres, explains Quinn, is to prevent deaths at sea. Recently the number of men, women and children lost at sea has increased and the centres were meant to be a form of refuge and protection from people smugglers and those looking to take advantage of tourists. Daniel Webb of the Human Rights Law Centre commented on the issue: “I think it was pretty clear that the committee has got serious concerns when it comes to compliance with this important international human rights treaty.” “Australia’s form is bad and, in fact, it’s becoming worse.” The only way to ensure the safety of these immigrants seems to be intervention from the United Nations.

Source: http://www.abc.net.au/news/2014-11-11/un-committee-flags-concerns-about-australian-policy/5882190

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Social Media Allows Public to Bully Local Businesses

Nick Hutchinson is feeling the pain of social media.

Nick Hutchinson is feeling the pain of social media.

Nick Hutchinson is an Australian business man who operates the marketing department of a local dairy business known as Fleurieu. He has recently been the subject of social media attacks by a minority group concerned with their product. “Halel” is any object or action which is permissible to engage in according to islamic law. Mr. Hutchinson’s business is Halel certified and this has irked many consumers around the Australian area as well as world-wide. Many people believe that any product that is Halel certified is a direct benefactor to islamic rule and in turn terrorism. Many products around Australia are Halel certified including Hutchinson’s dairy products. While this may have seemed a small niche group, it has affected the reputation of many businesses via social media including Nick’s.

Anti-Halal activists have used social media in order to harass local businesses Facebook and Twitter pages. This does not seem like something that would affect a business, however it has hurt the image of many companies. Hutchinson received an e-mail asking if his product was Halal certified. Nick had heard of the various hate groups attempting to eradicate this certification and simply responded that they were Halal certified. The e-mail was then posted on a site and had started a maelstrom of criticism towards Nick’s company. Nick had required the certification in the first place because of an airline’s contingency that they have the certification in order for the two sides to strike a deal. The company has since decided to take down their Facebook page because of concern to the safety of their staff. Although no direct threats were made against Fleurieu, other Australian companies had received threats to their place of business such as being burned down and even death threats. Hutchinson is upset that social media can be used to cause such a threat to a businesses welfare and wish that such a thing could be controlled.

Source: http://www.news.com.au/finance/small-business/halal-conspiracy-theorists-bullying-australian-businesses/story-fn9evb64-1227119726790

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November 10, 2014

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New Zealand Makes Preparations for Ebola

The ebola virus could land in New Zealand soon.

The ebola virus could land in New Zealand soon.

The ebola outbreak has become a world wide concern. Taking over hours of news coverage in countless nations, the ebola virus is feared to become an epidemic spreading from the recently ravaged West Africa. There have been no reported cases in New Zealand, however experts are preparing plans in case the virus becomes a reality to their citizens. After an American man began to have symptoms on a flight after working in West Africa, the fear is that the virus is no longer contained and has infected many Americans. The man has since died and there have recently been known cases of ebola in the United States. The fear has grown since these events for New Zealand’s government officials and general public. Screenings of the people on the flight had taken place however since the airline refused to give over the names of everyone on the flight for privacy purposes, there is a possibility that the virus could have leaked through.

“Britain’s chief scientist, Sir Mark Walport, told the Daily Telegraph that diseases such as ebola were a ‘potential major threat to Britain’.” A virologist from New Zealand has explained that the virus could spread all the way to New Zealand even though the country is on the other side of the world. While it is unlikely that the virus will spread to New Zealand, it is possible as the 2009 pandemic influenza was carried from Mexico to New Zealand via students visiting for educational purposes. It has been noted that if the virus did spread, that New Zealand would be in trouble as there is not adequate enough equipment and facilities in the country that allows for containment of a virus such as ebola. The samples of the virus would need to be shipped to the Centre of Disease Control in the United States for proper examination.

Source: http://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=11301679

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Domestic Violence Costs New Zealand 7 Billion Annually

Domestic violence has caused major issues with the New Zealand economy

Domestic violence has caused major issues with the New Zealand economy

New Zealand has recently conducted a study that has revealed some shocking statistics. The New Zealand population has many domestic violence issues and it has cost the country over 7 billion dollars a year. This number has increased since the last study was conducted in 1994 from 6 to 7 billion. Shockingly the number is just as devastating 20 years later as there has been no cultural change in these violent acts. Child abuse has also added to this unbelievable number. Child abuse alone could account for 28.2 percent of the yearly domestic violence! When the authors attempted to test their estimates, it was revealed that the rates may be even higher. These numbers are substantiated in many ways as partner violence around a child is also considered to be a form of child abuse as it is said this can adversely affect the child’s psyche.

While this is a shocking number, these are only the acts of violence that have been reported to the CYFS, a branch of the government that deals with domestic violence. There are hundreds that go unreported every year. The article also mentions a wide range of percentages of these acts which they can only hypothesis, including the incidents that go unreported. According to the article, only a third of child abuse incidents are reported which leads to the estimation. “It cannot be overstated that the advice received from professionals working in these areas is that even these ‘high-end’ prevalence rates seem likely to be conservative estimates,” the report says. In order to get to these total costs, there are many different categories such as suffering and premature death as well as reduced productivity. The Glenn Inquiry will use an estimation of costs for anti-family abuse programs in order to bring this cost significantly down while also limiting the reality of domestic abuse.

Source: http://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=11356152